Naira appreciation: Consumer protection agency begins enforcements against unfair price hike
“FCCPC Vows to Clamp Down on Price Inflation, Protect Consumers”
“The Federal Competition and Consumer Protection Commission (FCCPC) has pledged to ramp up monitoring and enforcement efforts across formal and informal markets to curb unfair price inflation by business owners.
Dr. Adamu Abdullahi, the Acting Executive Vice Chairman of the Commission, responded to consumer complaints about persistent price hikes despite the Naira’s appreciation against the dollar. In a statement issued in Abuja on Tuesday, Abdullahi emphasized the Commission’s commitment to shielding consumers from exploitation.
Abdullahi outlined the FCCPC’s strategy, stating that operatives would collaborate with trade associations, farmer groups, and other stakeholders to combat price-fixing and dismantle cartels. This approach aims to foster increased competition, ultimately leading to lower prices for consumers.
While acknowledging the financial strain caused by rising prices on Nigerian households, Abdullahi assured proactive measures to address the issue. Although the FCCPC cannot directly regulate prices, it will leverage existing legal frameworks to enforce fair competition and consumer protection provisions.
The Commission’s actions will include monitoring and investigating unusual price hikes, addressing consumer complaints, and taking punitive measures against businesses engaged in anti-competitive practices like price-fixing and cartel formation.
Abdullahi stressed the FCCPC’s commitment to consumer education, empowering them to make informed decisions and report suspected price gouging and unfair trade practices. Collaborative efforts with regulatory bodies will ensure a comprehensive response to anti-competitive practices and consumer protection issues.
Consumers are encouraged to report suspected price gouging and unfair trade practices to the FCCPC via contact@fccpc.gov.ng. Abdullahi concluded by rallying collective efforts toward a more stable, fair, and competitive marketplace for all Nigerians.”
